PAYTM payments bank Launched! 5 Things you need to know..

This Tuesday, Paytm has launched the Paytm Payments Bank in India with Renu Satti as the CEO of the new entity. The company plans to invest around 400 crores to build a strong banking network over the next few years. Its first branch is established in Noida.

The question is, how different is Paytm Payments bank from Paytm Wallet?

Here’s everything you need to know about the new Paytm Payments Bank.

• All existing paytm wallet accounts will be transferred to the Paytm payments bank automatically. Customers willing to discontinue and redeem the available balance need to send an email to [email protected] or visit their website paytm.com/care.

• Accounts that are inactive since six months and have zero balance will not be transferred to Paytm Payments bank and to avail the facility one needs to opt-in.
• A cash-back of Rs. 250 will be offered to those who transfer more than Rs. 25,000 into the Paytm Payments bank account. Paytm Payments bank will also be paying a 4% interest per annum.
• There is no need of maintaining a minimum balance in the account and also the online transactions(NEFT, RTGS, etc.) won’t be charged.
• Paytm payments bank will offer debit cards, chequebook, demand drafts and all of them will be made available at a nominal fee. There will be no credit card facility available. Paytm Payments Bank will also provide ATM facilities. First five ATM transaction will be free and thereafter Rs. 20 will be charged per ATM transaction.

Paytm karo !!!!